If the market price of bicycle frames is $500, and frame welders earn a wage of $50, how many welders will be hired?
a. 10.
b. More than 10.
c. Fewer than 10.
d. Hiring will stop when the MP is 10.
e. Hiring will stop when the MP is 0.1.
e
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Net national product equals
A) gross national product minus statistical discrepancy. B) gross national product minus depreciation. C) national income minus taxes on production and imports. D) national income plus depreciation.
Which of the following is NOT a benefit of international trade?
A) It increases overall output. B) It results in a transmission of ideas. C) It promotes self-sufficiency. D) It results in the transmission of new processes.
If expected inflation is constant, then when the nominal interest rate falls, the real interest rate
a. falls by more than the change in the nominal interest rate. b. falls by the change in the nominal interest rate. c. rises by the change in the nominal interest rate. d. rises by more than the change in the nominal interest rate.
A local fast-food restaurant mails out coupons for a free sandwich to every home in the community. The opportunity cost of redeeming the sandwich for someone who was on a diet might be:
A. not eating because you are on a "get fit for the summer" diet plan. B. lost wages due to spending time in a long line instead of eating a Healthy Choice meal in your office. C. eating a "Tough Man's Burger," which is one of your favorite fast food options. D. There was no opportunity cost for the sandwich because it was free.